Intel to buy artificial intelligence firm Nervana Systems

August 9, 2016 5:11 PM EDT

Intel processors are displayed at a store in Seoul June 21, 2012. REUTERS/Choi Dae-woong

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(Reuters) - Intel Corp (NASDAQ: INTC) said on Tuesday it would acquire startup Nervana Systems as the world's largest chipmaker bolsters its artificial intelligence capabilities.

San Diego, California-based Nervana will help develop Intel's artificial intelligence portfolio and enhance the deep learning performance of Intel Xeon and Intel Xeon Phi processors, the company said in a blog post.

Terms of the deal were not disclosed.

Investors in Nervana include Global Playground, CME Ventures, Lux Capital, Allen & Co and AME Cloud Ventures.

Allen & Co LLC is the exclusive financial adviser to Nervana in the deal.

(Reporting by Nikhil Subba in Bengaluru; Editing by Sriraj Kalluvila)

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